14. Ethel Corp. Has the following data for the month ofMarch 2021:Gross PayrollEmployee's deductions:SSS ContributionP1,000,000P20,00010,00010,000PhilhealthPAg-ibigWitholding taxes100,000The employer share of mandatory deductions are asfollows:SSS ContributionP40,00010,00010,000PhilhealthPag-ibigThe company distributes its total payroll as follows: 50%to direct labor; 20% to indirect labor; 25% toadministrative and 5% to sales salary. The company alsoapportions employer's contribution as follows: 70% tofactory overhead; 25% to administrative and 5% toselling expenses.Determine the following:A. total accrued payroll.B. the amount charged to Worked in Process account.C. the amount charged to Factory Overhead.D. the employer's share charged to Factory Overhead.E. the employer's share charged to Selling andAdministrative Expenses

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Answered: 14. Ethel Corp. Has the following data…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $137,700 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. a. b. c. Gross Pay through August 31 $ 6,400 2,700 133,300 Assuming situation (a), prepare the employer's September 30 journal entry to record salary expense and its related payroll liabilities for this employee. The employee's federal income taxes withheld by the employer are $60 for this pay period. Taxes to be Withheld From Gross Pay Gross Pay for September $ 1,700 Complete this question by entering your answers in the tabs below. 2,800 9,900 General Journal Federal income tax The employee's federal income taxes withheld by the employer are $60 for this pay period. Assuming situation (a), compute the taxes to be withheld from gross pay for this employee. (Round your answers to 2 decimal places.) Taxes to be Withheld From Gross Pay…
Payroll Tax Entries According to a summary of the payroll of Guthrie Co., $587,000 was subject to the 6.0% social security tax and the 1.5% Medicare tax. Also, $19,000 was subject to state and federal unemployment taxes. Question Content Area a. Compute the employer's payroll taxes, using the following rates: state unemployment, 5.4%; federal unemployment, 0.6%.$fill in the blank 04825efc801a047_1 Question Content Area b. Journalize the entry to record the accrual of payroll taxes. If an amount box does not require an entry, leave it blank.
According to a summary of the payroll of Sinclair Company, $505,000 was subject to the 6.0% social security tax and $545,000 was subject to the 1.5% Medicare tax. Also, $10,000 was subject to state and federal unemployment taxes. Question Content Area Required: a. Compute the employer's payroll taxes using the following rates: State unemployment, 4.2%; Federal unemployment, 0.8%.$ fill in the blank bdfee804ffc2f82_1 Question Content Area b. Journalize the entry for the employer's payroll tax expense. If an amount box does not require an entry, leave it blank. - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select -
DIRECTIONS: Taxable earnings should be computed on the basis of a 40-hour week with overtime earnings being paid at time and one-half for all hours over 40 each workweek (no overtime for salaried employees). All employees' wages are subject to the OASDI tax of 6.2% and the HI tax of 1.45%. The supplemental HI rate of 0.9% is not applicable. Click here to access the Left Side of Payroll Register Table Use the partial wage-bracket tables provided to determine the amount of federal income tax to be withheld. For the salaried employees (#32 and #10), use the percentage method table. All workers are employed in a state that imposes a 2% income tax on the gross wages earned by each worker. Click here to access the Percentage Method Tables. Click here to access the Wage-Bracket Method Tables. If an amount box does not require an entry, enter "0". Round your answers to 2 decimal places. If problem PR.04.31AT wasn't assigned, you will first need to use the link to the left side of the payroll…
Nemsky Co. has the following information for the pay period of December 15 - 31: Gross Payroll $14,000 Federal Income Tax Withheld $2,600 Social Security Rate 6% Federal Unemployment Tax Rate 0.8% Medicare Rate 1.5% State Unemployment Tax Rate 5.4% Assuming no employees are subject to ceilings for taxes on their earnings, Salaries Payable would be recorded for: a. $14,000 b. $10,350 C. $9,350 d. $10,238 2.
Assume the following data for Nest Home Appliance Repair for the payroll quarter ended March 31. Gross earnings Employee FICA taxes Federal income tax State income tax Number of employees this quarter: $300,500.00 22,988.25 60,100.00 6,009.00 Date Account Titles and Explanation Apr. 15 30 Nest is subject to the following rates: FICA 7.65% (the 7.65% FICA tax rate consists of the Social Security tax rate of 6.2% on salaries and wages up to $128,400 and the Medicare tax rate of 1.45% on all salaries and wages), state unemployment 5.4% up to $7,000, and federal unemployment 0.6% up to $7,000. No employee reached the limit for FICA taxes, and all employees reached the limit for unemployment taxes in the first quarter. Prepare the journal entry to record payment of employer taxes, assuming all taxes were paid on April 15. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Credit
The following information pertains to a weekly payroll of Texera Tile Company: a. The total wages earned by employees are $17,500.b. The state unemployment insurance contribution rate is 3.5%.c. The entire amount of wages is taxable under FICA, FUTA, and SUTA.d. The amount withheld from the employees' wages for federal income taxes is $1,950; for state income taxes, $372.60; and for group insurance, $192.00. ournalize the payment of wages, and record the payroll taxes for this payroll. If an amount box does not require an entry, leave it blank. Round your answers to the nearest cent. Account Debit Credit Payment of wages Payroll taxes
You [The following information applies to the questions displayed below.] The following summary data for the payroll period ended December 27, 2021, are available for Cayman Coating Company: Gross pay $ 100,000 FICA tax withholdings ?question mark Income tax withholdings 15,150 Group hospitalization insurance 1,580 Employee contributions to pension plan ?question mark Total deductions 26,673 Net pay ?question mark Additional information: For employees, FICA tax rates for 2021 were 7.65% on the first $142,800 of each employee’s annual earnings. However, no employees had accumulated earnings for the year in excess of the $142,800 limit. For employers, FICA tax rates for 2021 were also 7.65% on the first $142,800 of each employee’s annual earnings. The federal and state unemployment compensation tax rates are 0.6% and 5.4%, respectively. These rates are levied against the employer for the first $7,000 of each employee’s annual earnings. Only $15,700 of the gross…
The following is a payroll sheet for Otis Imports for the month of September 2020. The company is allowed a 1% unemployment compensation rate by the state; the federal unemployment tax rate is 0.8% and the maximum for both is $7,000. Assume a 10% federal income tax rate for all employees and a 7.65% FICA tax on employee and employer on a maximum of $128,400. In addition, 1.45% is charged both employer and employee for an employee’s wages in excess of $128,400 per employee.Name Earningsto Aug. 31 SeptemberEarnings IncomeTaxWithholding FICA Unemployment TaxStateFederalB.D. Williams$ 6,800$ 800D. Raye6,500700K. Baker7,6001,100F. Lopez13,6001,900A. Daniels116,90013,000B. Kingston121,90016,000Instructionsa. Complete the payroll sheet and make the necessary entry to record the payment of the payroll.b. Make the entry to record the payroll tax expenses of Otis Imports.c. Make the entry to record the payment of the payroll liabilities created. Assume that the company pays all payroll…
Based on the payroll information above... Total gross earnings of all employees: $ 9,814.40 Total social security tax withheld: 608.49 Total medicare tax withheld 142.31 Total federal income tax withheld 1,766.00 Total insurance premiums withheld 804.00 Based on the payroll information above, calculate and record the employer's payroll taxes for the period on the general journal. The state unemployment tax rate is 5.4 percent, and the federal unemployment tax rate is 0.8 percent. (Round your answers to 2 decimal places. Omit the "$" sign in your response.)
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Required: Below is a payroll sheet for Riverbed Imports for the month of September 2025. The company is allowed a 1% unemployment compensation rate by the state; the federal unemployment tax rate is 0.8% and the maximum for both is $7,000. Assume a 10% federal income tax rate for all employees and a 7.65% FICA tax on employee and employer on a maximum of $142,800. In addition, 1.45% is charged both employer and employee for an employee's wages in excess of $142,800 per employee. Name B.D. Williams D. Raye K. Baker F. Lopez A. Daniels B. Kingston Earnings to Aug.31 $6,900 6,700 7,600 14,800 130,000 135,000 September Income Tax Earnings Withholding $900 800 1,100 1,800 13,900 16,500 FICA Unemployment Tax State Federal 1. Complete the payroll sheet in Excel and make the necessary entry to record the payment of the payroll. 2. Make the entry to record the payroll tax expenses of Riverbed Imports. 3. Make the entry to record the payment of the payroll liabilities created in parts a and b.…

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